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Common objections to debt settlement
One common objection to debt settlement is the possibility that the creditor will decide to take legal action against the debtor. This is a possibility given the fact that payments are past due throughout the course of the debt settlement program, and creditors reserve their right to file legal action to protect their interests. Legal actions are possible and according with our experience, it does happen in a few cases. In fact, in the worst case scenario, if a creditor does decide to file a lawsuit and does obtain a judgment against you, he is then able to garnish your wages, put a lien against your house or levy your bank account. These possibilities do exist, but you should consider the following reasons why this does not happen in most cases:
1. The cost associated with the lawsuit
2. The right of the debtor to file for bankruptcy
3. A possibility for a settlement to be reached
The cost associated with a lawsuit. The creditor has to consider the cost associated with the lawsuit as a consideration for settling instead of filing a lawsuit. When the creditor can obtain a settlement on the debt, he is assured that he will get some of his money, and he will balance this with the cost of the lawsuit together with the likelihood of losing the lawsuit.
The right of the debtor to file for bankruptcy. The creditor also understands that when a consumer faces an imminent legal action he might decide to file for bankruptcy, leaving the creditor with nothing. This way the consumer does not have to deal with the possibility of a wage garnishment or a lien on their home.
A possibility of a settlement to be reached. The creditor knows that the cost associated with the lawsuit is very high, and so is the cost associated with locating the debtor’s property and then executing the judgment. For this reason, creditors are frequently willing to settle the account and stop the lawsuit where he might get nothing.
Naturally, it is better to settle before a lawsuit is filed. We have found that we can get a much better settlement before a lawsuit since, after the lawsuit, most negotiations result in a settlement of 60 to 75% of the amount due instead of the 40 to 50% or less we can otherwise get.
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Case Studies
After a divorce and two year custody battle, I was drowning in a sea of credit card debt. Debt Elimination America literally pulled me out of nightmare of harassing calls from creditors and slashed the ridiculously high interest rates.
They took the anxiety and pressure away! What would have taken me seven to ten years to pay off only took a little over two and a half. Imagine having someone call and tell you that they have erased $8,000 from one of your cards and that is exactly what this company did for me. I tried to do it on my own just to be stonewalled or threatened by the collection agents.
The most outstanding thing about this company is how they manage to negotiate and settle your debts while you, the client, get the credit of paying it off as Debt Elimination America's name never appears on any of the documents. Thanks to this company I was able to sleep at night and could escape the hell of revolving interest rates and late fees.
Natalie Caudill